Bitcoin price is showing signs of a good recovery since the start of this week. After last week's sharp decline, BTC price has now printed two consecutive green candles on the daily chart. However, the leading cryptocurrency is yet to break above its $43,000 resistance.
Ethereum price action also appears to be somewhat cautious as the traders of the smart contract asset look toward stability in Bitcoin. Nevertheless, many coins among the top 100 list are extending their weekly gains. Chiliz (CHZ) and Beam have been the leading altcoins in the last 24 hrs, with 19.8% and 17.7% surges, respectively.
On Wednesday morning, BTC was hovering around $43,000 after a rejection from the fresh weekly high of $43,578. On the 1H timeframe, the pioneering digital asset is once again back within the $42,440-$43,269 trading range.
In a major development in the crypto markets, Greyscale Bitcoin Trust reportedly moved 11,700 Bitcoin to Coinbase on Tuesday. The latest transfer comes after the initial outflow of 4000 BTC on four days ago. The news of this transaction impacted the crypto prices close to the day end.
Since the launch of spot ETF, GBTC has experienced net outflows of $579 million. However, other ETFs have witnessed inflows of $819 million during this time.
After the recovery from last week lows, bulls are not eyeing a retest of $45,000 level from the Bitcoin (BTC) price. However, such a move is only likely if the price breaks the $43,000 resistance soon. This is evident from the following chart.
The native asset of the Chiliz ecosystem, CHZ, has emerged as one of the best-performing digital assets this week. Since the start of this week, CHZ price has been up 27%, and there seems to be more upside on the cards for the coming days. The immediate bullish target seems to be the imbalance, which lies above $0.1108 on the weekly chart.
Another altcoin that has become a center of attention is BEAM. With a 31% surge since the start of this week, BEAM price is trading just a few points below the monthly high of $0.02345. The bullish price action is pointing toward another retest of the all-time high, but the move might be negated in case of a breakdown below $0.02100.
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